As any durable medical equipment (DME) provider will confess, securing reimbursements from Medicare and private insurance carriers is one of the biggest challenges of running a DME business. It’s time-consuming and labor-intensive, and for all their effort, DME providers don’t always get full reimbursements. If not paid attention, inaccurate DME billing could lead to lower revenues and, in worst-case scenarios, cause DMEs to windup their business. Outsourcing your DME billing services to reliable medical billing companies like MedicalBillersandCoders (MBC) could be a smart and efficient way to get maximum reimbursements and countless other benefits. Some of the Benefits of Outsourcing DME Billing services are listed below.
Benefits of Outsourcing DME Billing to Improve Your Revenue
Less Billing Errors
DME billing offers a unique set of challenges. It includes coordinating with different parties and requires an understanding of the HCPCS (Healthcare Common Procedure Common System) Level II codes. Each type of DME has a unique HCPCS Level II code, and the biller is responsible for ensuring that each piece of equipment is coded correctly. For example, when submitting a claim for a continuous positive airway pressure (CPAP) machine, the biller needs to code the machine as well as the mask and tubing used with it individually.
A medical billing company that specializes in DME billing and coding knows the ins and outs of the process, so they are less likely to commit billing and coding errors that would result in denied or delayed reimbursements. The billing company will obtain all necessary documentation i.e., patient’s billing and insurance information, pre-authorization from Medicare or insurance carrier, certificate of Medical Necessity from the patient’s doctor, and check these for accuracy, compliance, and medical justification. Should the claim be denied, they will assess and address the reasons for denial, and resubmit the claim where possible.
As mentioned earlier, reduced billing errors will ensure higher revenue for your business. With a dedicated DME billing expert keeping track of your collections and accounts receivable and providing you with regular reports on your DME’s financial performance, you can manage your finances better and experience significant improvements in your cash flow. As end-to-end medical billing responsibilities are taken care of by the billing company, you can focus on growing your business and providing the highest-quality care to your patients.
Reduced Overhead Costs
Hiring and retaining a dedicated medical billing expert can be a difficult task. You have to invest in providing training so that in-house billing experts will remain on top of all billing updates for various insurance carriers. But what happens when such a billing expert leaves your organization, your billing operations come to a halt. Till the time a new billing expert joins your team and adjusts to your billing requirements, you have lost precious time and lots of claims might get submitted wrongly. This will eventually end in delayed or lost insurance reimbursements. With a medical billing company, you’ll have access to a team of professionals who are knowledgeable in the latest medical billing practices, technologies, and requirements.
Compliance and Data Security
Most DME service providers hesitate to outsource their billing functions due to fear of billing compliance of various insurance carriers and patient data security. DME billing specialists stay up to date with healthcare industry regulations such as the Health Insurance Portability and Accountability Act (HIPAA). Medical billing companies also use secure medical billing processes and technologies, which allow them to safeguard your company’s and your patients’ data at rest and in transit. Keeping patient records secure is especially important since these contain Social Security numbers, birth dates, and other confidential information that can be used in carrying out identity theft and other fraudulent activities.
Higher Patient Satisfaction
Outsourced DME billing professionals are well-versed in all aspects and nuances of the billing process. Your patients may call you to discuss their medical billing procedure and other aspects of claiming for DME billing. As such, they can better address patients’ concerns about billing statements and handle any complaints. Your patients will receive the information they need when they need it, which leads to an increase in their satisfaction and trust in your services. DME billing outsourcing gives you sufficient time to spend time with your patients and knows more about their concerns, helping you retain them for a long-term relationship.
From all the advantages listed above, you will be quite confident about improving the financial health of your DME business by outsourcing DME billing services. You will require a reliable medical billing company like MedicalBillersandCoders (MBC) who is been providing DME billing services for a long time now. Our billing experts will ensure that all DME billing operations are executed as planned. You don’t have to check each and every claim as our customized reports will help you to understand various aspects of medical billing like the number of claims submitted, insurance reimbursements, patient responsibility, and many more. To know more about our DME billing services, contact us at firstname.lastname@example.org/ 888-357-3226